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Cryptocurrency News Articles

Trump Coin & Memecoins Are Gary Gensler's Legacy

Jan 18, 2025 at 10:43 pm

Perhaps the most intriguing aspect of Trump Coin's launch is its timing and context. As Gary Gensler exits the SEC after years of aggressive cryptocurrency enforcement, the incoming president launches a meme coin. This is not a coincidence.

Trump Coin & Memecoins Are Gary Gensler's Legacy

Donald Trump has launched a meme coin called "Trump Coin," which has quickly reached a market capitalization of $4.8 billion within 24 hours. The coin is trading at $25 with a fully diluted valuation of $24.3 billion.

The president's entry into the cryptocurrency space comes as Gary Gensler is set to leave the SEC after years of aggressive cryptocurrency regulation. This move has sparked speculation about the role Trump Coin might play in shaping future discussions on cryptocurrency regulation, political branding, and the function of meme assets in the financial ecosystem.

Trump Coin's existence highlights a curious dynamic in crypto regulation. Gensler's strict interpretation of securities laws, applied to cryptocurrencies, may have inadvertently steered cryptocurrency innovation toward meme coins rather than utility tokens.

While projects like Libra (later Diem) and LBRY spent millions trying to launch a legal cryptocurrency, meme coins like Dogecoin, Shiba Inu, and now Trump Coin have thrived by explicitly avoiding the claim of being anything other than a speculative asset with no promise of profit sharing or utility.

The more absurdly a token positions itself as a meme with no serious utility, the safer it becomes from being classified as a security. This perverse incentive has contributed to the proliferation of meme coins, which now account for a substantial portion of the cryptocurrency market cap.

Trump Coin's launch also raises ethical questions due to the intersection of political power and speculative assets. Unlike traditional Trump-branded ventures, cryptocurrency's pseudonymous nature allows anyone worldwide to invest without identity checks, potentially creating concerns about undue influence on a sitting president. These concerns mirror but may amplify similar issues raised around Trump's other business interests, such as Trump Media and Technology Group's Truth Social platform.

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Other articles published on Mar 17, 2025